##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 333-151632
 SUPERFUND GOLD, L.P.
 
 Delaware
    
    98-0574019 (Series A); 98-0574020 (Series B)(State)
    
    (IRS Employer Identification No.)Superfund Office Building 
Grand Anse, St. Georges 
P.O. Box 1479
Grand Anse 
Grenada, W.I.
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
 (473) 439-2418
 Not applicable
  þ o
  o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o(Do not check if a smaller reporting
company)
    
    Smaller reporting company þ
  o þ




---



##### 



PART I  FINANCIAL INFORMATION
   PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2009 (unaudited) and December 31, 2008
    
    
    3Condensed Schedule of Investments as of June 30, 2009 (unaudited)
    
    
    4Statements of Operations for the period from April 1, 2009 (commencement of operations)
through June 30, 2009 (unaudited)
    
    
    5Statements of Changes in Net Assets for the period from April 1, 2009 (commencement of
operations) through June 30, 2009 (unaudited)
    
    
    6Statements of Cash Flows for the period from April 1, 2009 (commencement of operations)
through June 30, 2009 (unaudited)
    
    
    7
  PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2009 (unaudited) and December 31, 2008
    
    
    8Condensed Schedule of Investments as of June 30, 2009 (unaudited)
    
    
    9Statements of Operations for the period from April 1, 2009 (commencement of operations)
through June 30, 2009 (unaudited)
    
    
    10Statements of Changes in Net Assets for the period from April 1, 2009 (commencement of
operations) through June 30, 2009 (unaudited)
    
    
    11Statements of Cash Flows for the period from April 1, 2009 (commencement of
operations) through June 30, 2009 (unaudited)
    
    
    12Notes to Series A and Series B Unaudited Financial Statements Dated June 30, 2009
    
    
    13-27EX-31.1EX-31.2EX-32.1EX-32.2
  2




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 STATEMENT OF ASSETS AND LIABILITIES
June 30, 2009 (Unaudited) and December 31, 2008
 June 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized costs of $499,877 as of June 30, 2009)
    
    $
    499,877
    
    
    $
    Due from brokers
    
    
    805,659
    
    
    
    Cash
    
    
    224,079
    
    
    
    2,000Total assets
    
    
    1,529,615
    
    
    
    2,000LIABILITIESFutures contracts purchased
    
    
    34,036
    
    
    
    Futures contracts sold
    
    
    4,147
    
    
    
    Subscriptions received in advance
    
    
    207,000
    
    
    
    Due to affiliate
    
    
    2,000
    
    
    
    Fees payable
    
    
    5,253
    
    
    
    Total liabilities
    
    
    252,436
    
    
    
    NET ASSETS
    
    $
    1,277,179
    
    
    $
    2,000Superfund Gold, L.P. Series A-1 Net Assets
    
    $
    1,222,828
    
    
    
    Number of units outstanding
    
    
    1,351.985
    
    
    
    Superfund Gold, L.P. Series A-1 Net Assets
value per unit
    
    $
    904.47
    
    
    $
    Superfund Gold, L.P. Series A-2 Net Assets
    
    $
    54,351
    
    
    $
    Number of units outstanding
    
    
    57.481
    
    
    
    Superfund Gold, L.P. Series A-2 Net Assets
value per unit
    
    $
    945.55
    
    
    $
    
  3




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
June 30, 2009 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 27,
2009 (amortized cost of $499,877),
securities are held in margin accounts as
collateral for open futures contracts
    
    $
    500,000
    
    
    
    39.1
    %
    
    $
    499,877Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    450Financial
    
    
    
    
    
    
    0.2
    
    
    
    2,624Metals
    
    
    
    
    
    
    (2.9
    )
    
    
    (37,110
    )Total futures contracts purchased
    
    
    
    
    
    
    (2.7
    )
    
    
    (34,036
    )Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (2,050
    )Food & Fiber
    
    
    
    
    
    
    0.5
    
    
    
    6,263Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (610
    )Metals
    
    
    
    
    
    
    (0.6
    )
    
    
    (7,750
    )Total futures contracts sold
    
    
    
    
    
    
    (0.3
    )
    
    
    (4,147
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (3.0
    )%
    
    $
    (38,183
    )Futures contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.2
    %
    
    $
    2,083Great Britain
    
    
    
    
    
    
    0.1
    
    
    
    1,336United States
    
    
    
    
    
    
    (3.0
    )
    
    
    (38,598
    )Other
    
    
    
    
    
    
    (0.3
    )
    
    
    (3,004
    )Total futures contracts by country
    
    
    
    
    
    
    (3.0
    )%
    
    $
    (38,183
    )
 
 *
    
    Due to Rounding  4




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
  STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of operations)through June 30, 2009 (Unaudited)
 Investment incomeInterest income
    
    $
    278Total income
    
    
    278ExpensesManagement fee
    
    
    6,574Selling commission (Series B-1)
    
    
    5,669Operating expenses
    
    
    2,191Brokerage commissions
    
    
    2,146Other
    
    
    87Total expenses
    
    
    16,667Net investment loss
    
    
    (16,389
    )Realized and unrealized gain
(loss) on investmentsNet realized gain on futures
contracts
    
    
    30,456Net change in unrealized depreciation
on futures and forward contracts
    
    
    (38,183
    )Net loss on investments
    
    
    (7,727
    )Net decrease in
net assets from operations
    
    $
    (24,116
    )Net decrease in net assets from operations
per Unit (based upon weighted average
number of Units outstanding during period)
for Series A-1
    
    $
    (20.29
    )Net decrease in net assets from operations
per Unit (based upon change in net asset
value per Unit during period) for Series
A-1
    
    $
    (15.03
    )Net increase in net assets from operations
per unit (based upon weighted average
number of Units outstanding during period)
for Series A-2
    
    $
    15.86Net increase in net assets from operations
per Unit (based upon change in net asset
value per Unit during period) for Series
A-2
    
    $
    26.05
  5




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 STATEMENT OF CHANGES IN NET ASSETS
For the period from April 1, 2009 (commencement of operations)
through June 30, 2009 (Unaudited)
 Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (16,390
    )Net realized gain on futures contracts
    
    
    30,456Net change in unrealized depreciation on futures
contracts
    
    
    (38,183
    )Net decrease in net assets from operations
    
    
    (24,117
    )Capital share transactionsIssuance of Units
    
    
    1,301,296Redemption
of non-unitized initial capital balance
    
    
    2,000Net increase in net assets from capital share transactions
    
    
    1,299,296Net increase in net assets
    
    
    1,275,179Net assets,beginning of period
    
    
    2,000Net assets,end of period
    
    $
    1,277,179Series A-1 Units,beginning of period
    
    
    Issuance of Series A-1 Units
    
    
    1,351.985Redemption of Units
    
    
    Series A-1 Units,end of period
    
    
    1,351.985Series A-2 Units,beginning of period
    
    
    Issuance of Series A-2 Units
    
    
    57.481Redemption of Units
    
    
    Series A-2 Units,end of period
    
    
    57.481
 6




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 STATEMENT OF CASH FLOWS
For the Three Months from April 1, 2009 (commencement of
operations) through June 30, 2009 (Unaudited)
 Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (24,116
    )Adjustments to reconcile net increase (decrease) in net
assets from operations to net cash provided by (used in)
operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (499,950
    )Amortization of discounts and premiums
    
    
    73Due from brokers
    
    
    (805,659
    )Due to affiliate
    
    
    2,000Futures contracts purchased
    
    
    34,036Futures contracts sold
    
    
    4,147Fees payable
    
    
    5,253Net cash used in operating activities
    
    
    (1,284,217
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    1,508,296Redemption
of non-unitized initial capital balance
    
    
    (2,000
    )Net cash provided by financing activities
    
    
    1,506,296Net increase in cash
    
    
    222,079Cash, beginning of period
    
    
    2,000Cash, end of period
    
    $
    224,079
  7




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 STATEMENT OF ASSETS AND LIABILITIES
June 30, 2009 (Unaudited) and December 31, 2008
 June 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized costs of $1,149,722 as of June 30, 2009)
    
    $
    1,149,722
    
    
    $
    Due from brokers
    
    
    4,166,285
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    1,203
    
    
    
    Futures contracts sold
    
    
    4,144
    
    
    
    Cash
    
    
    727,693
    
    
    
    2,000Total assets
    
    
    6,049,047
    
    
    
    2,000LIABILITIESUnrealized depreciation on open forward contracts
    
    
    10,630
    
    
    
    Futures contracts purchased
    
    
    65,164
    
    
    
    Subscriptions received in advance
    
    
    703,978
    
    
    
    Due to affiliate
    
    
    2,000Fees payable
    
    
    17,457
    
    
    
    Total liabilities
    
    
    799,229
    
    
    
    NET ASSETS
    
    $
    5,249,818
    
    
    $
    2,000Superfund Gold, L.P. SeriesB-1 Net Assets
    
    $
    3,754,694
    
    
    
    Series B-1 Units outstanding
    
    
    4,485.845
    
    
    
    Superfund Gold, L.P. Series B-1 Net Assets value
per Unit
    
    $
    837.01
    
    
    $
    Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    1,495,124
    
    
    $
    Series B-2 Units outstanding
    
    
    1,777.326
    
    
    
    Superfund Gold Series, L.P. B-2 Net Assets value
per Unit
    
    $
    841.22
    
    
    $
    
  8




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
June 30, 2009 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 27, 2009
(amortized cost of $1,149,722), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    1,150,000
    
    
    
    21.9
    %
    
    $
    1,149,722Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    1,203Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.0
    *
    
    
    1,203Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (10,630
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.2
    )
    
    
    (10,630
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.2
    )
    
    
    (9,427
    )Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.2
    
    
    
    11,094Financial
    
    
    
    
    
    
    3.0
    
    
    
    158,602Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    650Metals
    
    
    
    
    
    
    (4.4
    )
    
    
    (235,510
    )Total futures contracts purchased
    
    
    
    
    
    
    (1.2
    )
    
    
    (65,164
    )Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (16,331
    )Energy
    
    
    
    
    
    
    1.1
    
    
    
    56,777Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (4,418
    )Food & Fiber
    
    
    
    
    
    
    1.3
    
    
    
    67,745Indices
    
    
    
    
    
    
    (0.6
    )
    
    
    (32,548
    )Livestock
    
    
    
    
    
    
    0.2
    
    
    
    11,040Metals
    
    
    
    
    
    
    (1.5
    )
    
    
    (78,121
    )Total futures contracts sold
    
    
    
    
    
    
    0.1
    
    
    
    4,144Total futures contracts, at fair value
    
    
    
    
    
    
    (1.1
    )%
    
    $
    (61,020
    )Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    (0.2
    )%
    
    $
    (8,353
    )European Monetary Union
    
    
    
    
    
    
    0.9
    
    
    
    45,603Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    14,900Japan
    
    
    
    
    
    
    0.2
    
    
    
    7,969United States
    
    
    
    
    
    
    (3.7
    )
    
    
    (191,074
    )Other
    
    
    
    
    
    
    1.2
    
    
    
    60,508Total futures and forward contracts by country
    
    
    
    
    
    
    (1.3
    )%
    
    $
    (70,447
    )
 
 *
    
    Due to Rounding  9




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
  STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of operations)through June 30, 2009 (Unaudited)
 Investment incomeInterest income
    
    $
    575Total income
    
    
    575ExpensesBrokerage commissions
    
    
    25,570Management fee
    
    
    18,520Selling commission (Series B-1)
    
    
    10,390Operating expenses
    
    
    6,173Other
    
    
    1,015Total expenses
    
    
    61,668Net investment loss
    
    
    (61,093
    )Realized and unrealized
loss on investmentsNet realized loss on futures
and forward contracts
    
    
    (254,142
    )Net change in unrealized depreciation
on futures and forward contracts
    
    
    (70,447
    )Net loss on investments
    
    
    (324,589
    )Net decrease in
net assets from operations
    
    $
    (385,682
    )Net decrease in net assets from operations
per Unit (based upon weighted average
number of Units outstanding during period)
for Series B-1
    
    $
    (112.27
    )Net decrease in net assets from operations
per Unit (based upon change in net asset
value per Unit during period) for Series
B- 1
    
    $
    (82.49
    )Net decrease in net assets from operations
per Unit (based upon weighted average
number of Units outstanding during period)
for Series B-2
    
    $
    (81.03
    )Net decrease in net assets from operations
per Unit (based upon change in net asset
value per Unit during period) for Series
B-2
    
    $
    (78.28
    )
  10




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 STATEMENT OF CHANGES IN NET ASSETS
For the Three Months Ended June 30,
For the period from April 1, 2009 (commencement of operations)
through June 30, 2009 (Unaudited)
 Decrease in net assets from operationsNet investment loss
    
    $
    (61,093
    )Net realized loss on futures and forward contracts
    
    
    (254,142
    )Net change in unrealized depreciation on futures
and forward contracts
    
    
    (70,447
    )Net decrease in net assets from operations
    
    
    (385,682
    )Capital share transactionsIssuance of Units
    
    
    5,635,500Redemption of initial capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    5,633,500Net increase in net assets
    
    
    5,247,818Net assets,beginning of period
    
    
    2,000Net assets,end of period
    
    $
    5,249,818Series B-1 Units,beginning of period
    
    
    Issuance of Series B-1 Units
    
    
    4,485.845Redemption of Series B-1 Units
    
    
    Series B-1 Units,end of period
    
    
    4,485.845Series B-2 Units,beginning of period
    
    
    Issuance of Series B-2 Units
    
    
    1,777.326Redemption of Series B-2 Units
    
    
    Series B-2 Units,end of period
    
    
    1,777.326
  11




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
For the period from April 1, 2009 (commencement of operations)
through June 30, 2009 (Unaudited)
 Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (385,682
    )Adjustments to reconcile net increase (decrease) in net
assets from operations to net cash provided by (used in)
operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (1,149,886
    )Amortization of discounts and premiums
    
    
    164Due from brokers
    
    
    (4,166,285
    )Due to
affiliate
    
    
    2,000Unrealized appreciation on open forward contracts
    
    
    9,427Futures contracts purchased
    
    
    65,164Futures contracts sold
    
    
    (4,144
    )Fees payable
    
    
    17,457Net cash used in operating activities
    
    
    (5,611,785
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    6,339,478Redemptions
of non-unitized initial capital balance
    
    
    (2,000
    )Net cash provided by financing activities
    
    
    6,337,478Net increase in cash
    
    
    725,693Cash, beginning of period
    
    
    2,000Cash, end of period
    
    $
    727,693
  12




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills
  Translation of Foreign Currency
 13




---



##### Table of Contents



Investment
Transactions, Related Investment Income, and Expenses
  Income Taxes
   Use of Estimates
  Recently Issued Accounting Standards
   3. Fair Value Measurements
 14




---



##### Table of Contents



Level 1
    
    Unadjusted quoted prices in active markets that are accessible
at the measurement date for identical, unrestricted assets or
liabilities;
 Level 2
    
    Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are
observable, either directly or indirectly;
 Level 3
    
    Prices or valuations that require inputs that are both
significant to the fair value measurement and unobservable.
  U.S. Government Securities.
 Derivative Contracts.
   15




---



##### Table of Contents



Series A
 BalanceJune 30,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    499,877
    
    
    $
    
    
    
    $
    499,877
    
    
    $
    Total Assets Measured at Fair Value
    
    $
    499,877
    
    
    $
    
    
    
    $
    499,877
    
    
    $
    LIABILITIESFutures contracts purchased
    
    $
    34,036
    
    
    $
    34,036
    
    
    $
    
    
    
    $
    Futures contracts sold
    
    
    4,147
    
    
    
    4,147
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    38,183
    
    
    $
    38,183
    
    
    $
    
    
    
    $
    
 Series B
 BalanceJune 30,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    1,149,722
    
    
    $
    
    
    
    $
    1,149,722
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    1,203
    
    
    
    
    
    
    
    1,203
    
    
    
    Futures contracts
sold
    
    
    4,144
    
    
    
    4,144
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    1,155,069
    
    
    $
    4,144
    
    
    $
    1,150,925
    
    
    $
    
 16




---



##### Table of Contents



BalanceJune 30,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    10,630
    
    
    $
    
    
    
    $
    10,630
    
    
    $
    Futures contracts
purchased
    
    
    65,164
    
    
    
    65,164
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    75,794
    
    
    $
    65,164
    
    
    $
    10,630
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging
Activities,
    17




---



##### Table of Contents



Series A:
 As of June 30, 2009Long Positions Gross Unrealized
    
    
        
        
    Short Position Gross UnrealizedNetUnrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Gain (Loss)Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsCurrency
    
    $
    450
    
    
    
    0.0
    *
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (2,050
    )
    
    
    (0.2
    )
    
    $
    (1,600
    )Financial
    
    
    2,969
    
    
    
    0.2
    
    
    
    (345
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,624Food & Fiber
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,263
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    6,263Indices
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (610
    )
    
    
    (0.0)
    *
    
    
    (610
    )Metals
    
    
    
    
    
    
    
    
    
    
    (37,110
    )
    
    
    (2.9
    )
    
    
    
    
    
    
    
    
    
    
    (7,750
    )
    
    
    (0.6
    )
    
    
    (44,860
    )Totals
    
    $
    3,419
    
    
    
    0.2
    
    
    $
    (37,455
    )
    
    
    (2.9
    )
    
    $
    6,263
    
    
    
    0.5
    
    
    $
    (10,410
    )
    
    
    (0.8
    )
    
    
    (38,183
    )
 
 *
    
    Due to rounding  For the period from April 1, 2009 (commencement ofoperations) through June 30, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (75
    )
    
    $
    
    
    
    $
    (75
    )Currency
    
    
    (725
    )
    
    
    (1,600
    )
    
    
    (2,325
    )Financial
    
    
    (5,940
    )
    
    
    2,624
    
    
    
    (3,316
    )Food & Fiber
    
    
    226
    
    
    
    6,263
    
    
    
    6,489Indices
    
    
    (1,060
    )
    
    
    (610
    )
    
    
    (1,670
    )Metals
    
    
    38,030
    
    
    
    (44,860
    )
    
    
    (6,830
    )Total net trading losses
    
    $
    30,456
    
    
    $
    (38,183
    )
    
    $
    (7,727
    )
 Series B:
 As of June 30, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    1,203
    
    
    
    0.0
    *
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (10,630
    )
    
    
    (0.2
    )
    
    $
    (9,427
    )Currency
    
    
    11,094
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    8,550
    
    
    
    0.2
    
    
    
    (24,881
    )
    
    
    (0.5
    )
    
    
    (5,237
    )Financial
    
    
    166,603
    
    
    
    3.2
    
    
    
    (8,001
    )
    
    
    (0.2
    )
    
    
    
    
    
    
    
    
    
    
    (4,418
    )
    
    
    (0.1
    )
    
    
    154,184Food & Fiber
    
    
    650
    
    
    
    0.0
    *
    
    
    
    
    
    
    (4.5
    )
    
    
    75,802
    
    
    
    1.4
    
    
    
    (8,058
    )
    
    
    (0.2
    )
    
    
    (167,116
    )Indices
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,234
    
    
    
    0.0
    *
    
    
    (33,781
    )
    
    
    (0.6
    )
    
    
    (32,547
    )Metals
    
    
    
    
    
    
    
    
    
    
    (235,510
    )
    
    
    
    
    
    
    4,945
    
    
    
    0.1
    
    
    
    (83,066
    )
    
    
    (1.6
    )
    
    
    (78,121
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,620
    
    
    
    0.3
    
    
    
    (5,580
    )
    
    
    (0.1
    )
    
    
    11,040Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    57,840
    
    
    
    1.1
    
    
    
    (1,063
    )
    
    
    (0.0)
    *
    
    
    56,777Totals
    
    $
    179,550
    
    
    
    3.4
    
    
    $
    (243,511
    )
    
    
    (4.7
    )
    
    $
    164,991
    
    
    
    3.1
    
    
    $
    (171,477
    )
    
    
    (3.3
    )
    
    $
    (70,447
    )
 
 *
    
    Due to rounding  18




---



##### Table of Contents



For the period from April 1, 2009 (commencement ofoperations) through June 30, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (5,402
    )
    
    $
    (9,427
    )
    
    $
    (14,829
    )Currency
    
    
    (80,714
    )
    
    
    (5,237
    )
    
    
    (85,951
    )Financial
    
    
    (139,982
    )
    
    
    154,184
    
    
    
    14,202Food & Fiber
    
    
    6,920
    
    
    
    68,395
    
    
    
    75,315Indices
    
    
    (10,484
    )
    
    
    (32,548
    )
    
    
    (43,032
    )Metals
    
    
    100,750
    
    
    
    (313,631
    )
    
    
    (212,881
    )Livestock
    
    
    (16,290
    )
    
    
    11,040
    
    
    
    (5,250
    )Energy
    
    
    (108,940
    )
    
    
    56,777
    
    
    
    (52,163
    )Total net trading losses
    
    $
    (254,142
    )
    
    $
    (70,447
    )
    
    $
    (324,589
    )
 5. Due from/to brokers
   6. Allocation of net profits and losses
   7. Related party transactions
   8. Financial highlights
 19




---



##### Table of Contents



2009Series A-1
    
    
    Series A-2Total return before incentive fees*
    
    
    (1.6
    )%
    
    
    2.8
    %Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (1.6
    )%
    
    
    2.8
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    5.9
    %
    
    
    4.0
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    5.9
    %
    
    
    4.0
    %Net investment loss
    
    
    (5.8
    )%
    
    
    (3.9
    )%Net asset value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (13.29
    )
    
    
    (6.20
    )Net gain (loss) on investments
    
    
    (1.74
    )
    
    
    32.25Net asset value per unit, end of period
    
    $
    904.47
    
    
    $
    945.55
  2009Series B-1
    
    
    Series B-2Total return before incentive fees*
    
    
    (9.0
    )%
    
    
    (8.5
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (9.0
    )%
    
    
    (8.5
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    9.5
    %
    
    
    6.3
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.5
    %
    
    
    6.3
    %Net investment loss
    
    
    (9.4
    )%
    
    
    (6.2
    )%Net asset value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (20.24
    )
    
    
    (13.48
    )Net loss on investments
    
    
    (62.25
    )
    
    
    (64.80
    )Net asset value per unit, end of period
    
    $
    837.01
    
    
    $
    841.22
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  20




---



##### Table of Contents



9. Financial instrument risk
        10. Subscriptions and redemptions
  21




---



##### Table of Contents



11. Subsequent events
  ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
        22




---



##### Table of Contents



Three Months ended June 30, 2009
     nd
   23




---



##### Table of Contents



24




---



##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T.
    
    CONTROLS AND PROCEDURES
  PART II  OTHER INFORMATION
 Item 1.
    
    Legal Proceedings.
  Item 1A.
    
    Risk Factors
  Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds.
 (a)
    
    There were no sales of unregistered securities during the quarter ended June 30, 2009.(b)
    
    Updated information required by Item 701(f) of Regulation S-K:
 (1)
    
    The use of proceeds information is being disclosed for Registration Statement
No. 333-151632 declared effective on February 17, 2009.(4)
    
    (iv) As of June 30, 2009, the Fund sold $1,301,296 of Series A Units and
$5,635,500 of Series B Units.(v) As of June 30, 2009, the Fund incurred expenses for the account of the Fund totaling
$78,335 of which $72,666 were paid to Superfund Capital Management and $5,669 were paid to
Superfund USA.(vi) Net offering proceeds to the Fund as of June 30, 2009 were $6,858,461.(vii) As of June 30, 2009, the amount of net offering proceeds to the Fund for commodity
futures and forward trading in accordance with the General Partners trading program
totaled $6,858,461.
 25




---



##### Table of Contents



(c)
    
    Pursuant to the Funds Limited Partnership Agreement, investors may redeem their Units at the
end of each calendar month at the then current month-end Net Asset Value per Unit. The
redemption of Units has no impact on the value of Units that remain outstanding, and Units are
not reissued once redeemed.There were no redemptions of units by investors during the period from April 1, 2009
(commencement of operations) through June 30, 2009. Prior to the commencement of operations,
the initial capital balance of $2,000 in Series A and the initial capital balance of $2,000
in Series B were redeemed.
 Item 3.
    
    Defaults upon Senior Securities.
  Item 4.
    
    Submissions of Matters to a Vote of Security Holders.
  Item 5.
    
    Other Information.
  Item 6.
    
    Exhibits.
  31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 26




---



##### Table of Contents



SIGNATURES
  Date: August 14, 2009
    SUPERFUND GOLD, L.P.
        (Registrant)
By: Superfund Capital Management, Inc.
General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:
    /s/ Roman GregorigRoman GregorigVice President and Principal Financial Officer 27




---



##### Table of Contents



Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1